Renal Denervation Devices Market Landscape
COVID-19 has brought each business to make attention to the importance of stability. The effect of industrialization worldwide has led to a boost in per capita outflow on the global renal denervation devices market 2020. It will augment the demand for denervation devices in the future. This, in turn, will prolong to multiply the requirement for denervation devices in the healthcare industry.
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According to Market Research Future’s report on COVID-19 facts and insights, the global renal denervation devices market has been amongst the least pretentious sectors due to COVID. It is estimated to reach approximately USD 2,850 million by the year 2023, at a pace of 40.4% CAGR over the assessment period (2018–2023).
Renal Denervation Devices Boomers & Declines
At the forefront of motivating the global renal denervation (RDN) devices market is the rising cases of hypertension, particularly among the urban denizens. This is due to renal sympathetic nerves that are affected directly by hypertension. One more factor serving to boost the global renal denervation (RDN) market is the mounting pool of elderly and the emergence of better RDN devices.
At present, the global renal denervation devices market is consolidated with leading player Medtronic grabbing most of the share in it. In the near future, the market might witness new entrants denting shares of established players. On the other hand, the mounting prevalence of cardiovascular diseases coupled with escalating cases of drug-resistant hypertension are other factors likely to coerce the growth of the target market in the next coming years.
Moving forward, the mounting rate of geriatric population across the globe has prompted the development of advanced renal denervation products to treat heart failure, blood pressure, diabetes, and renal failure more efficiently and improve quality of life. These factors have thus, in turn, driven the growth of the global renal denervation market for the forecast period.
Furthermore, the rising numbers of clinical trials are ongoing, and some new techniques are being worked on, owing to higher demand for initial therapeutic treatment and medical devices, coupled with rising investment in research and development activities. These have also augmented the market to gain more prominence in the future.
In the case of point, in June 2019, National Institutes of Health (NIH)—a US-based medical research center, announced a study of clinical Trial: A Phase 3, Multicenter, Blinded, Sham-Procedure Controlled Trial of Renal Denervation by the Peregrine System Kit, in Subjects with Hypertension, and is probable to complete by the year 2023.
On the contrary, some stringent regulations for invasive devices have been an essential factor that might hold back the market growth in the estimated period.
Renal Denervation Devices Market Segmental Snapshot
The global renal denervation market is further being segmented among segments such as product, technology, and end-use.
Depending on the segment of the product, the renal denervation market has included Vessix (V2), Symplicity, Paradise, EnligHTN, Iberis, and others. Symplicity acquires the largest market share in the renal denervation market at present and is likely to remain a leading contributor over the assessment period.
Depending on the segment of technology, the renal denervation market is categorized into ultrasound, radiofrequency, micro-infusion, and others. Radiofrequency is possible to be the fastest-growing segment over the estimated period.
Depending on the segment of end-user, the renal denervation market has included clinics, hospitals, ambulatory surgical centers, and others. Hospitals are the leading segment in the global renal denervation market, while ambulatory surgical centers might reveal the fastest growth over the forecast period.
Renal Denervation Devices Market Regional Framework
Geographically, the global renal denervation devices market is spread across regions of North America, Asia Pacific, Europe, and the Rest of the World.
Among them, Europe, at present, acquires the tag of both the most prominent and fastest-growing market. The region is witnessing double-digit growth. North America is another prime renal denervation device market that is witnessing concrete growth owing to the FDA approvals of new products. The mounting of the occurrence of cardiovascular diseases in the region, too, is having a positive impact on demand.
Meanwhile, the Asia Pacific renal denervation market is also viewing much promise. This is mainly because of the towering occurrence of diabetes, which is boosting demand in the regions. Developing economies of India and China are the main drivers of the region’s market growth because of their large populations.
Vendors’ Competitive Analysis:
Leading vendors in the global renal denervation market include Medtronic, Boston Scientific, St. Jude Medical, ReCor Medical, Cordis, Cardiosonic, Sound Intervention, Kona Medical, and Terumo.
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